The recent global increase in environmental regulation does not necessarily signal improvement in firms’ ecological imprints. Like many markets, the Arab world is struggling to implement environmental compliance measures among local firms. For Arab countries, the reliance solely on formal policies to improve local firms’ ecological footprints may be risky given the evident institutional challenges to enforce environmental regulations, specially post the Arab Spring. Drawing from the literature highlighting the merits of combining formal and informal controls to ensure successful implementation (...) of a strategy, we argue that the emphasis for regulation must be accompanied by an emphasis for developing environmental ethics of individuals, who are the expected implementers of any environmental policy. In that light, we propose that the Eco-Islam phenomenon can serve as an influential and effective foundation for building organizational cultures with stronger environmental ethics among local small and medium enterprises. We explain the underlying maxims of Eco-Islam then conduct qualitative research among experts preaching or practicing the concept to gain better insights into the potential of leveraging it in Muslim-majority Arab countries. Finally, we conclude with insightful implications for local SMEs in the region. (shrink)

We propose that marketing of unhealthy foods and beverages to Black and Latino consumers results from the intersection of a business model in which profits come primarily from marketing an unhealthy mix of products, standard targeted marketing strategies, and societal forces of structural racism, and contributes to health disparities.

Abstract:This essay aims to bring two important lines of inquiry and criticism together. It first lays out an institutionally enriched account of what a just world economic order will look like. That account prescribes, via the requisites to that mechanism which most directly instantiates the account, “three realms of equal treatment and market completion”—the global products, services, and labor markets; the global investment/financial markets; and the global preparticipation opportunity allocation. The essay then suggests how, with minimal if any departure (...) from familiar canons of traditional international legal mandate interpretation, each of the Bretton Woods institutions—particularly the GATT/WTO and the IMF—can be viewed at least in part as charged with the task of fostering equal treatment and ultimate market completion within one of those three realms. The piece then argues that one of the institutions in particular—the World Bank—has, for reasons of at best negligent and at worst willful injustice on the part of influential state actors in the world community, fallen farthest short in pursuit of what should be viewed as its proper mandate. The article accordingly concludes that a fuller empowerment of the Bank to effect its ideal mission will press the Bretton Woods system more nearly into ethical balance, and with it the world into justice; and that full empowerment of the GATT/WTO and IMF should be partly conditioned upon the fuller empowerment of the Bank. (shrink)

Social Responsibility (SA) 8000 registration/certification is a response by the business community to address consumer and investor perceptions of the importance of emerging global social issues such as child labor, worker rights, discrimination, compensation, etc. As more U.S. and European firms outsource production to less developed nations, social, environmental, and reputational issues have become more important. SA8000 is a series of behavioral standards that represents a comprehensive, and potentially global, corporate social responsibility registration system that provides a standard of socially (...) responsible treatment of workers. This paper explores how SA8000 adoption may impact a firm's marketing activities. (shrink)

The purpose of the study is to identify the contours of the potential of the financial services market in the Krasnodar Territory in the context of suppliers in order to determine the vector of further market development. The article examines the dynamics of organizations engaged in financial and insurance activities, assesses the institutional provision of the banking services market, represented by the number of insurance entities in dynamics in recent years, analyzes the volume of insurance fees (...) and payments, analyzes the number of organizations and the volume of the microfinance market. Scientific novelty lies in unlocking the potential of the financial services market in the Krasnodar Territory. As a result, the key problems and growth vectors of the studied market were identified as a strategic imperative for the socio-economic development of the territory. (shrink)

Observers of agriculture and theenvironment have noted the recent remarkable growth ofthe organic products industry. Is it possible for thisgrowth in the organics market to contribute toprogressive environmental and social goals? From theperspective of green consumerism, the organics marketis a powerful engine for positive change because itpromotes greater environmental awareness andresponsibility among producers and consumers alike.Given its environmental benefits and its ability touse and alter capitalist markets, organic agricultureis currently a positive force for environmentalism.Still, there are contradictions between organic (...) idealsand practice – e.g., the reductionism of organicstandards, the limitations of private organiccertification, and the widespread practice ofinput-substitution – that emerge through thedynamics of the capitalist market. As the marketmatures, these contradictions will increasinglyundermine the very environmental benefits that are thefoundation of organic agriculture. Fundamental change,therefore, is not likely to occur through the marketalone. There are ways, however, that the organicsmarket could contribute to a broader movement leadingto collective action. For instance, the organicsmarket tends to undermine commodity fetishism in theagrifood system, thereby strengthening civil society.In addition, the market provides space and resourcesfor social movement activity, such as in the struggleover the National Organic Standards. (shrink)

Mass-marketing frauds are on the increase. Given the amount of monies lost and the psychological impact of MMFs there is an urgent need to develop new and effective methods to prevent more of these crimes. This paper reports the early planning of automated methods our interdisciplinary team are developing to prevent and detect MMF. Importantly, the paper presents the ethical and social constraints involved in such a model and suggests concerns others might also consider when developing automated systems.

The purpose of this paper is to explicate the idea of egoism in the context of marketing. The idea of egoism is reviewed and contextualized into a framework for interpreting different marketer types. Marketers’ potential trade-offs with consumers and competitors are examined. Four types of marketers are explicated: extremely egoistic marketer, moderately egoistic marketer, moderately altruistic marketer, and extremely altruistic marketer. The framework offered in the paper is of relevance to marketers, media, and agencies rewarding marketing performance. The framework (...) may help in assessing the ethical quotient in marketers’ preferences and behaviors. Studies recognizing the pertinence of egoism in marketing are scarce, and the typological framework discussed in the paper is a contribution to the marketing ethics literature. (shrink)

Biological market theory has in recent years become an important part of the social evolutionist’s toolkit. This article discusses the explanatory potential and pitfalls of biological market theory in the context of big picture accounts of the evolution of human cooperation and morality. I begin by assessing an influential account that presents biological market dynamics as a key driver of the evolution of fairness norms in humans. I argue that this account is problematic for theoretical, empirical, (...) and conceptual reasons. After mapping the evidential and explanatory limits of biological market theory, I suggest that it can nevertheless fill a lacuna in an alternative account of hominin evolution. Trade on a biological marketplace can help explain why norm-based cooperation did not break down when our late-Pleistocene ancestors entered new, challenging social and economic environments. (shrink)

Direct-to-consumer advertising of healthcare products refers to a variety of marketing practices based on a combination of information and promotion strategies directed at consumers through different media such as radio and television broadcasts, newspaper and magazine ads, and, more recently, through the Internet. The principal form of marketing used by the pharmaceutical industry is the distribution of free samples to physicians but DTCA is an increasing part of global promotional spending for prescription drugs. Latest estimates suggest that DTCA now represents (...) an annual $3.2 billion enterprise for the U.S. pharmaceutical industry. Findings from the literature show that these substantial efforts are geared toward the newer pharmaceuticals for chronic conditions with huge market potentials. The lion's share is going to the 20 most prescribed pharmaceuticals. (shrink)

How much inequality does market interaction generate? The answer to this question partly depends on the level of competition among economic agents. Yet, in their normative analysis of the market, theories of distributive justice focus on individual characteristics such as talents as determinants of income, and tend to ignore structural features such as competition. Economists, on the other hand, dispose of the conceptual tools to assess the distributive impact of competition, but their analysis is usually limited to allocative (...) efficiency. Part I of the article distinguishes my argument from conventional perspectives on income inequality and redistribution. Whereas the latter propose either to redistribute income once the market interaction has taken place or to adjust the initial holdings of market participants, I focus on the distributive impact of the institutional structure of the market itself. Part II outlines the ways in which various forms of competition affect distribution. My objective here is descriptive in nature, but shows that a normative evaluation of the market has to take seriously the distributive impact of competition. This impact can be broken down into the analysis of three overlapping groups of economic agents, namely consumers, workers, and capital owners. Consumers potentially gain from competition in the form of lower prices, but these gains are only realized if competition does not put pressure on their work income at the same time. Unless competition squeezes profits unusually hard, capital owners tend to benefit from competition. (shrink)

Animal welfare is emerging as one of the most controversial issues in modern livestock agriculture. Although consumers can buy free range products in niche markets, some have argued that existing markets cannot solve the animal welfare dilemma because there are individuals who care about animal well-being who do not eat animal products. This paper proposes a market-based solution to at least partially manage animal welfare externalities. After discussing the current lack of market incentives to promote farm animal well-being, (...) a potential scheme to quantify and trade units of farm animal well-being is proposed. The potential merits and efficacy of an animal welfare market are also discussed. (shrink)

In my recent article in the Journal of Medical Ethics, I attacked the Laissez Choisir Argument in defence of letting individuals choose whether to sell kidneys or other organs as living donors, and I argued that such transactions should generally remain prohibited.1 The LC Argument arises as a response to a prohibitionist claim that I endorse: organ sales should be banned to protect potential poverty-stricken vendors, even if a free market could provide great benefits to potential organ (...) recipients. The LC Argument says that this is misplaced paternalism, since banning the market only takes away from willing vendors what they must regard as their best option, thereby leaving them even worse off, at least as they see things. My refutation of the LC Argument pointed out, on the contrary, that giving some people the option to sell their organs may harm them in ways they would reasonably prefer not to be harmed—even though they would reasonably prefer to take the option once it is presented. The upshot is that many potentially willing organ vendors might themselves reasonably prefer prohibition. I argued that the harms of a live donor organ market to this group would in fact be significant and unavoidable, and that it would be morally impermissible to impose these harms. And I suggested that this argument for prohibition best explicates an inchoate but widely shared moral concern about the exploitative nature of live donor organ trading.I thank Gerald Dworkin, Janet Radcliffe Richards and Adrian Walsh for their engaging and often insightful commentaries.2–4 I agree with a lot, but I will …. (shrink)

This study explores cultural influence on corporate behavior employing the case of merchant guild culture in China and further the moderating role of Marketization. Using hand-collected data on merchant guild culture, we find that merchant guild culture is significantly negatively associated with owner-manager agency costs, suggesting that merchant guild culture in ancient China still has its continuous and remarkable effects on managerial behavior in contemporary corporations. This finding also implies that merchant guild culture motivates managers to upgrade the efficiency of (...) controlling operating costs, reduces agency conflicts between management and shareholders, and eventually mitigates owner-manager agency costs. Moreover, provincial Marketization level attenuates the negative association between merchant guild culture and owner-manager agency costs. Above results are robust to a variety of alternative measures of merchant guild culture and owner-manager agency costs. Furthermore, our findings are still valid after controlling for the potential endogeneity between merchant guild culture and owner-manager agency costs. (shrink)

Real-world policy decisions involve trade-offs. Sometimes the trade-offs involve both the efficacy and morality of potential policies. In this chapter, the morality and likely efficacy of hiring one more spy to help anti-terrorist intelligence gathering efforts is compared to the morality and likely efficacy of implementing a prediction market on terrorism. Prediction markets on terrorism allow registered traders to buy and sell shares in predictions about terrorism-related real-world events. The comparison at the heart of this chapter is based (...) on the assumption that it would cost about $5 million to bankroll the prediction market project, or to establish another spy, including equipment and head office support, for 15 years. The comparison reveals that implementing a prediction market on terrorism is likely to be more efficacious and less morally problematic than hiring one more spy. (shrink)

Assisted reproductive technology is a global market engaging a variety of local moral economies where the construction of the demand–supply relationship takes different forms through the operation of the politics of value. This paper analyzes how the market–culture relationship works in different settings, showing how power and resources determine what value will, or will not, accrue from that relationship. A commodity’s potential economic value can only be realized through the operation of the market if its cultural (...) status is seen to be legitimate. At the same time, local moral economies and their associated social orders are potentially susceptible to the destabilizing implications of new commodities. The formal or informal organization of power relationships in the market–culture interaction can enable potential value to become manifest and tangible over time or block its path. The interaction is steered through national institutional sources of cultural authority embedded in state and religion, where the visible contest in the politics of value is conducted. Increasingly, that interaction finds its expression in transnational institutions of governance where the struggle for control of the cultural agenda reflects the global nature of the ART market. (shrink)

Behavioural techniques or ‘nudges’ can be used for various purposes. In this paper, we shift the focus from government nudges to nudges used by for-profit market agents. We argue that potential worries about nudges circumventing the deliberative capacities or diminishing the control of targeted agents are greater when it comes to market nudges, given that these (1) are not constrained by the principles that regulate government nudges (mildness, sensitivity to people’s interests and public justifiability) and (2) are (...) often ‘stacked’ – they come in great numbers that overwhelm agents. In addition, we respond to possible objections and derive several policy suggestions. (shrink)

The quest to foretell the future is omnipresent in human affairs. A potential solution to this epistemological conundrum has emerged through mass collaboration. Motored by the Internet, prediction markets allow a multitude of individuals to assume a stake in a security whose value is tied to a future event. The resulting prices offer a continuously updated probability estimate of the event actually taking place. This paper gives a survey of prediction markets, their history, mechanics, uses, and theoretical foundation. We (...) also review the literature surrounding their efficacy. Though there are shortcomings with prediction markets, as well as practical constraints, they hold out the prospect of improving the quality of organizational decisions and increasing the level of participation in the deliberative process. We also note that lessons can be drawn from these markets to guide the epistemological practices of disciplines and inquiries in which empirical methods are difficult to apply. (shrink)

We should seek an ethic internal to marketing arising from marketing's societal function, rather than imposing some add-on ethic. This suggests that marketing should enhance the information and the freedom the potential customer brings to the market transaction. Defining and achieving this information and freedom is difficult, but marketers suggest that the market itself drives out major violators, a suggestion less persuasive concerning increasingly complex goods and services. Marketing also is tempted to appeal to our baser, darker (...) side. These problems are better addressed through self-regulation guided by a vision of advertising and business in the service of society, and by the marketer's own sense of integrity than through external regulation. (shrink)

Marketing systems research has the potential to contribute to the well-being of individuals, communities and our environment but we need to ensure that we do not mechanistically apply inadequate approaches. This article identifies tensions and limitations within the developing marketing systems theory and literature. Using the tools of critical realism, we aim to critique the omissions in the metatheory of marketing systems research and then put forward CR to reconstruct a more comprehensive basis for the development of marketing systems (...) theory. We draw attention to the failings of current metatheory in its use of conflationary approaches to theorizing before setting out the features of a CR informed study of marketing systems. (shrink)

This article analyses the current state of empirical legal research in the law and the regulation of financial markets. It aims to provide a brief survey of the main work done either by lawyers or by others but which is pertinent to the operation of law and regulation. It focuses on six main areas of research and debates. These are the debates on the efficient markets hypothesis and mandatory disclosure rules in securities regulation; studies on behavioralism and their impact on (...) disclosure as a tool for protecting investors; studies on the impact of rules relating to market misconduct on market development; research into the relationship between legal rules and securities market development; evidence of the unintended impacts of regulation; and research into the dynamics of financial market regulatory regimes. Finally, this article mentions that understanding the general context in which law and regulation operates deepens our understanding of the nature, potential, and limits of law and regulation themselves. (shrink)

Contemporary universities are characteristic of an evident proliferation of corporate discourse. A sole concentration on the production of new knowledge and the education of students does not ensure the prosperity or even survival of universities any longer, and equally important are the admission of elite students, the outcome-based evaluation of academic performance, the establishment of alumni network and also fundraising. This article examines how and to what extent this trend of marketization has invaded the order of discourse of Chinese universities. (...) The research methodology combines the paradigms of critical discourse analysis and the tenets of critical genre analysis [Bhatia VK Towards critical genre analysis. In: Bhatia VK, Flowerdew J and Jones RH Advances in Discourse Studies. London: Routledge, pp. 166–177], with particular attention paid to the notion of genre, interdiscursivity and conversationalization. The texts examined include ceremonial speeches, regulatory documents, insiders’ accounts and field notes. Analytical results show that the trend of marketization, in spite of a potential threat for academic integrity, does facilitate the institutional restructuring and transformation of universities in the context of Mainland China. (shrink)

In times of erosion and dissolution of social structures and institutions, described by Bauman as the interregnum, there arises both a need and a possibility of developing alternative approaches to the most fundamental organizational practices. Marketing, a simultaneously tremendously successful and much criticized sub-discipline and practice, is a prime candidate for such a redefinition. Potential prefigurations of future processes of organizing and institutionalizing can be found within dissenting organizations, the alternative organizations built at the fringes of, and in opposition (...) to, the mainstream businesses as reported by Parker et al.. In this paper, we present an exploration of the alternative yet already enacted practice we call earnest marketing. Drawing on an ethnographic study of a number of dissenting organizations in the United Kingdom and Poland, we focus on the radical reconstitution of marketing evidenced in their practice, defined by an attitude of earnestness and dedication to the dissemination and demonstration of their self-defined goodness: ideas and values. As organizations engage in earnest marketing, they also become receptive to reciprocal messages from their environments. We conclude by reflecting on the possibilities of a dissenting management model developing the principles of earnest marketing beyond disciplinary confines. (shrink)

Culture plays an important role in defining ethics standards because dissimilar cultures socialize their people differently, according to what is acceptable behaviour. The potential significance of ethnic groups for marketing justifies inquiry into the moral judgments, standards, and rules of conduct exercised in marketing decisions and situations arising from decisions whether or not to focus on individual ethnic groups within an economy. Identifying and targeting ethnic groups for marketing purposes are tasks fraught with many ethical difficulties. In a multicultural (...) society consisting of a dominant group and many diverse, minority groups defined by ethnicity, these problems can be expected to increase substantially. Consequently, marketers may include minority ethnic consumers in their mainstream marketing programs. In itself, this has ethical consequences. Alternatively, if marketers seek to target individual minority ethnic groups within the same economy a further set of ethical consequences needs to be considered. This paper reviews the concepts of ethnicity and ethnic groups and their relevance for marketing strategy within an economy where there is a dominant group and also significant minority ethnic groups. The ethical consequences for minority communities arising from the use of non-ethnic, mainstream marketing programs are examined. An alternative approach, ethnic marketing, is also examined and its ethical consequences in terms of other groups within the one country appraised. The ethical dilemma and tradeoffs facing marketers within advanced, culturally diverse countries are then considered. (shrink)

The purpose of this paper is to consider, in principle and at the most general level, a particular possible approach to educational policy‐making. This approach involves an education‐specific application of the notion of hypothetical markets first developed in Ronald Dworkin's book Sovereign Virtue: The theory and practice of equality . The paper distinguishes the concept of the market from the operation of any actual market, and from the operation of ‘market forces’ in any generalised sense. It continues (...) by arguing that hypothetical markets of the kind identified by Dworkin are not only distinct, in both their nature and purpose, from actual markets operating in education, but also—in the face of continuing widespread debate about the value, at particular times and places, of such actual markets—a potentially valuable theoretical tool for educational policy‐making. The paper then briefly considers a particular instance of such debate about actual markets in education. (shrink)

Short food supply chains have become the focus of considerable research in the last two decades. However, studies so far remain highly localized, and claims about the economic and social advantages of such channels for farmers are not backed by large-scale empirical evidence. Using a web survey of 613 direct-market farmers across Canada, this article explores the potential economic and social benefits that farmers derive from participating in short food supply chains. We used multivariate analysis to test whether (...) a farmer’s degree of involvement in direct food channels is positively correlated with levels of work enjoyment, social satisfaction, and economic satisfaction. The results indicate that, overall, direct-market farmers report high levels of occupational satisfaction, although work-related challenges persist, such as stress, excessive workloads, and competition. Farmer participation in short food chains was also a positive predictor of work enjoyment and economic satisfaction, but not of social satisfaction, as measured by the share of total farm sales attributable to direct selling. Net annual farm revenue, the share of direct food sales involving a middleman, age, and gender also correlated with one or more dimensions of occupational satisfaction. (shrink)

Business owners sometimes refuse to transact with certain customers on principle, given some normative (political, personal, moral, or religious) commitment which they hold. I call such refusals ‘conscientious refusals.’ Evaluating two possible positions on the permissibility of vendor conscientious refusals, I argue in favor of an impersonal market in which vendor conscientious refusals are generally not justified. I argue impersonal norms, which crowd out conscientious considerations, support pluralist, healthy markets from which we reap individual and communal benefits; further, impersonal (...) markets buttress individual freedom by providing a distinctive sphere of activity characterized by norms of radical inclusivity. These considerations constitute a strong case that vendor conscientious refusals are ceteris paribus unjustified. I conclude by addressing several potential objections to this view. (shrink)

The sweeping changes that have taken place in the Eastern European countries and the former Soviet Union have detrimentally impacted an already weak Cuban economy. The establishment of the Special Period (1990-) embodies increasing austerity, especially in the inputs market. Recent economic liberalization policies in Cuba may lead to a more market-oriented economy, the lifting of the U. S. embargo, and commercial relations between the two countries. There is concern on the potential impact that resumption of trade (...) may have on the U. S. and Florida's agricultural economy. This study implies potential costs for the citrus, sugar, horticultural, and seafood industries in Florida, while potential Florida exports unveil trade opportunities of a large magnitude. Further research is needed to quantify potential benefits and costs. Of special importance is the fate of Cuba's recent program on low-input sustainable agriculture once large amounts of inputs become available. (shrink)

BiDil, a heart failure drug for African Americans, emerged five years ago as the first FDA approved drug targeted at a specific racial group. While critical scholarship and the popular media have meticulously detailed the history of BiDil from its inauspicious beginnings as a generic combination drug for the general population to its dramatic resuscitation as a racial medicine, the enthusiastic support shown by some African American interest groups has been too little understood, as has their argument that BiDil was (...) an important response to race-based health disparities. In this essay, we show how the drugmaker, NitroMed, used the support it had solicited from black advocacy groups and community members to market BiDil as a unique “grassroots” pharmaceutical to the African American community. We go on to situate BiDil, which relied on a domestic, U.S.-centered conception of race, within the context of the global nature of both race and health disparities. Ironically, the grassroots angle of the BiDil case ultimately obscured the global crisis in health disparities. Furthermore, we argue that the grassroots model initiated by NitroMed should be taken note of, as it marks a potential avenue for the marketing of other drugs in the future. (shrink)

The trade in human body parts can be understood as a solution to key challenges for both buyers and suppliers, as well as being a manifestation of individual property rights over one’s own body. However, it can be argued that there are serious ethical issues involved in commercializing the body in this way, despite which there has recently been a large increase in the international trade in human body parts. The most extensive transactions have concerned the trade in kidneys and (...) the services of the fertility industry. An important driver of this is the fact that the medical profession is increasingly able to facilitate exchanges of human body parts relatively smoothly. The chapter focuses on commercial surrogacy as an example of the ethical aspects of the trade in human body parts and addresses the potential interplay between markets and ethical issues. (shrink)

On traditional information markets, rewards are tied to the occurrence of events external to the market, such as some particular candidate winning an election. For that reason, they can only be used when it is possible to wait for some external event to resolve the market. In cases involving long time-horizons or counterfactual events, this is not an option. Hence, the need for a self-resolving information market, resolved with reference to factors internal to the market itself. (...) In the present paper, we first offer some theoretical reasons for thinking that, since the only thing that can be expected to be salient to all participants on a SRIM is the content of the question bet on, a convention will arise of taking that question at face value, and betting accordingly, in which case trading behaviour on SRIMs can be expected to be identical to that on TIMs. This is the ‘face value’ hypothesis. If this hypothesis holds, SRIMs have the potential of incorporating the accuracy of TIMs while shedding their limitations in relation to long-term predictions and the evaluation of counterfactuals. We then report on a laboratory experiment that demonstrates that trading behaviour can indeed come out highly similar across SRIMs and TIMs. As such, the study can be thought of as an experimental case study on SRIMs. Finally, we discuss some limitations of the study, and also points towards fruitful areas of future research in light of our results. (shrink)

After two generations of emphasis on governmental inefficiency and the need for deregulation, we now see growing interest in the possibility of constructive governance, alongside public calls for new, smarter regulation. Yet there is a real danger that regulatory reforms will be rooted in outdated ideas. As the financial crisis has shown, neither traditional market failure models nor public choice theory, by themselves, sufficiently inform or explain our current regulatory challenges. Regulatory studies, long neglected in an atmosphere focused on (...) deregulatory work, is in critical need of new models and theories that can guide effective policy-making. This interdisciplinary volume points the way toward the modernization of regulatory theory. Its essays by leading scholars move past predominant approaches, integrating the latest research about the interplay between human behavior, societal needs and regulatory institutions. The book concludes by setting out a potential research agenda for the social sciences. (shrink)

Eco-communities are a potential model for the socio-technological transition to a post-carbon society. The debate over their economic sustainability has, however, been limited. This article aims to enhance the discussion by offering a conceptualization of the economic micro-system created in eco-communities. It uses the economic terms households and firms to discuss two ways in which the community economy is positioned and then goes on to explore the principles behind the non-market (non-monetary) activities of households and the not-only-for-profit activities (...) of firms as the basis of the eco-community economy. It concludes by pointing out that both can operate in parallel, with eco-communities producing non-market capital that can be used to develop not-only-for-profit activities which support the economic sustainability of the projects. (shrink)

This paper begins by examining several potentially unethical recent marketing practices. Since most marketing managers face ethical dilemmas during their careers, it is essential to study the moral consequences of these decisions. A typology of ways that managers might confront ethical issues is proposed. The significant organizational, personal and societal costs emanting from unethical behavior are also discussed. Both relatively simple frameworks and more comprehensive models for evaluating ethical decisions in marketing are summarized. Finally, the fact that organizational commitment to (...) fostering ethical marketing decisions can be accomplished by top management leadership, codes of ethics, ethics seminars/programs and ethical audits is examined. (shrink)

As the world’s population grows and urbanization continues, the global waste crisis is becoming more severe, especially in developing countries. Without proper waste management, they may encounter various environmental and health risks. Biological technologies are regarded as promising waste management and recycling approaches in developing countries due to their cost-effectiveness and capability to handle diverse waste categories. One prominent technology in this aspect is the vermicomposting of organic waste utilizing the black soldier fly larvae. Nevertheless, significant financial resources are still (...) necessary to advance and expand biological waste treatment, which requires the participation of businesses. By examining waste management companies listed on the Vietnamese stock market, we highlight two challenges that hinder the adoption and scaling of the waste treatment system using black soldier flies and potentially other biological technologies in Vietnam. Specifically, the business regards the environmental services they offer primarily as a means to generate profit rather than as a genuine commitment to environmental preservation, and the values of companies operating in the environmental sector, particularly in waste management, have been significantly undervalued by the Vietnamese investing public. Therefore, we advocate for societal shifts toward the eco-surplus culture and apply the semiconducting principle of monetary and environmental values exchange to address the problem. (shrink)

In China, many firms advertise that they follow environmentally friendly practices to cover their true activities, a practice called greenwashing, which can cause the public to doubt the sincerity of greenization messages. In this study, I investigate how the market values greenwashing and further examine whether corporate environmental performance can explain different and asymmetric market reactions to environmentally friendly and unfriendly firms. Using a sample from the Chinese stock market, I provide strong evidence to show that greenwashing (...) is significantly negatively associated with cumulative abnormal returns around the exposure of greenwashing. In addition, corporate environmental performance is significantly positively associated with CAR around the exposure of greenwashing. Furthermore, my findings suggest that corporate environmental performance has two distinct effects on CAR around the exposure of greenwashing: the competitive effect for environmentally friendly firms and the contagious effect for potential environmental wrongdoers, respectively. The results are robust to various sensitivity tests. (shrink)

This article explores the role of financial markets for sustainable development. More specifically, the authors ask to what extent financial markets foster and facilitate more sustainable business practices. The authors highlight that their current role is rather modest and conclude that, on the old paths, a paradoxical situation exists. On one hand, financial market participants increasingly integrate environmental, social, and governance criteria into their investment decisions, whereas on the other hand, in terms of organizational reality, there seems to be (...) no real shift toward more sustainable business practices. The authors identify two main challenges within the field of sustainable investments that are relevant for entering new avenues that may help overcome this situation. First, a reorientation toward a long-term paradigm for sustainable investments is important. Second, ESG data must become more trustworthy. From a theoretical point of view, the authors finally highlight the potential market consequences when ESG investment criteria are used. (shrink)

The collapse of Communism in the regimes in Eastern Europe and the former Soviet Union has brought forth a plethora of alternative political and economic models for the reorganization of those societies. The vacuum that has been left could be regarded as an ideal laboratory for the testing of competing theories, and the temptations to experiment with the more benign forms of constructivist rationalism are likely to prove irresistible. If liberal capitalism is to be successfully created, it will clearly not (...) have the same biography as it has had in the Western European and Anglo-American countries, where its emergence was the result of slow evolution: often its appearance and survival were due to a quite fortuitous combination of circumstances. In those countries it was not the result of any deliberate democratic choice but the outcome of a happy confluence of traditional rules and customary practices, and the participants in them had little idea of the form of the system that they were creating. Indeed, ideological sanctification was almost an afterthought, and democratic approval was belated and in most cases not enthusiastic. Britain was a liberal capitalist society, and possessed the necessary body of private law, some time before the franchise was significantly democratized . It is, of course, recent theoretical and empirical research which has revealed that the political choice mechanisms that developed haphazardly after the success of the market are a potential threat to it. (shrink)

The paper is concerned with the potential or actual impact that free-market governmental principles and policies might have, or might have had, in helping to create a more crisis-prone world. It is concerned with organizationally-induced crises where organizations and their environment interact to create disasters. The nature of the crisis-prone organization is discussed in the context of the relevant management literature. It is argued that the disastrous interaction of such an organization with its environment is promoted by a (...) laisser-faire attitude on the part of the authorities. This is illustrated in the context of two recent British disasters involving the King''s Cross Underground fire and the sinking of the Herald of Free Enterprise. (shrink)

For some time we have seen a shift away from direct marketing, a core feature and dominant exchange form in the alternative food world, towards a greater role for intermediation. Yet, we still need to better understand to what extent and in what ways new mediated Alternative Food Networks represent an evolution of or departure from core tenets of alternative food systems. This paper focuses on AFNs with new intermediaries that connect small-scale producers with urban end-consumers. Based on original research (...) in Frankfurt, Berlin, and Calgary, we analyze three different types of mediated AFNs: one driven by consumers, one by an external intermediary, and one by producers. Our cases include non-capitalist, capitalist, and alternative capitalist economic practices as identified by Gibson-Graham. Conceptually, we base our analysis on the three-pillar-model of alternative agri-food systems, which we further refine. Besides comparing our cases with each other, for heuristic purposes we also compare them with an ideal-type model that adheres to core tenets of alterity in all three pillars. Our empirical analysis shows that intermediary organizations can bring important benefits and that mediated AFNs are in principle able to hold true to the core tenets of alternative agri-food systems. However, it is very important to develop models of democratic control and ownership as well as economic arrangements in which created value is fairly shared. Only then can the potentials of new mediated models be realized while the pitfalls of the conventional systems they seek to replace be avoided. (shrink)

Due to the shortage of organs, it has been proposed that the ban on organ sales is lifted and a market-based procurement system introduced. This paper assesses four prominent proposals for how such a market could be arranged: unregulated current market, regulated current market, payment-for-consent futures market, and the family-reward futures market. These are assessed in terms of how applicable prominent concerns with organ sales are for each model. The concerns evaluated are that organ (...) markets will crowd out altruistic donation, that consent to sell organs is invalid, that sellers will be harmed, and that commodification of organs will affect human relationships in a negative way. The paper concludes that the family-reward futures market fares best in this comparison but also that it provides the weakest incentive to potential buyers. There is an inverse relationship between how applicable prominent critiques are to organ market models and the increase in available organs they can be expected to provide. (shrink)

There has been considerable debate over regulated organ markets. Especially current markets, where people sell one of their kidneys while still alive, have received increased attention. Futures markets remain an interesting and under-discussed alternative specification of a market-based solution to the organ shortage. Futures markets pertain to the sale of the right to procure people’s organs after they die. There is a wide range of possible specifications of the futures market. There are, however, some major unaddressed efficiency concerns. (...) This article presents this class of concerns and discusses the implication for organ futures markets. It identifies a number of inefficiency sources pertaining to crowding out, bad organs, costs and missed opportunities, family refusals, moral hazard and strength of the provided incentive. However, a complete assessment of futures market requires better knowledge regarding the potential reaction from donors, families and health professionals. (shrink)

The topic of fake news has received increased attention from philosophers since the term became a favorite of politicians (Habgood-Coote 2016; Dentith 2016). Notably missing from the conversation, however, is a discussion of fake news and conspiracy theory media as a market. This paper will take as its starting point the account of noxious markets put forward by Debra Satz (2010), and will argue that there is a pro tanto moral reason to restrict the market for fake news. (...) Specifically, we begin with Satz’s argument that restricting a market may be required when i) that market inhibits citizens from being able to stand in an equal relationship with one another, and ii) this problem cannot be solved without such direct restrictions. Our own argument then proceeds in three parts: first, we argue that the market for fake news fits Satz’s description of a noxious market; second, we argue against explanations of the proliferation of fake news that are couched in terms of “epistemic vice”, and likewise argue against prescribing critical thinking education as a solution to the problem; finally, we conclude that, in the absence of other solutions to mitigate the noxious effects of the fake news market, we have a pro tanto moral reason to impose restrictions on this market. At the end of the paper, we consider one proposal to regulate the fake news market, which involves making social media outlets potentially liable in civil court for damages caused by the fake news hosted on their websites. (shrink)

:In this essay I defend an alternative account of why markets are legitimate. I argue that markets have a raison d’être—a potential to be valuable that, if fulfilled, would justify their existence. I characterize this potential in terms of the goods that are promoted by the legal protection of economic agency: resource discretion, contribution esteem, wealth, diffusion of power, and freedom of association. I argue that market institutions deliver these goods without requiring the participants to have shared (...) ends, or shared deliberation about joint ends—indeed, this feature is the source of the market’s distinctive contribution to well-being. I suggest that when markets lack legitimacy, this is because they fail to fulfill their raison d’être, or fail to be recognized as doing so. Thus, the contours of legal protection must be drawn so that these goods are realized together in a recognizable way, without sacrificing one good for the sake of others. Finally, I argue that this account is appealing because it allows regulators to consider a plurality of goods, and because it makes room for the essential role of rhetoric in securing market legitimacy. (shrink)

The UK Alternative Investment Market (AIM) was launched in 1995 and has been a great success with over 1200 companies now listed. In this article, we examine the development of AIM as it reaches its 15th year and discuss the potential pitfalls of the light touch regulation that is one of the attractions of AIM and identify potential corporate governance and ethical issues that may arise as a result of light touch regulation. We examine the central role (...) of the nominated advisor (NOMAD) and draw on the findings of in depth interviews with 25 AIM participants including AIM company directors, institutional investors, nominated advisors and brokers. We highlight the influence of the NOMAD on these participants and potential governance and ethical implications. We also discuss some of the concerns that AIM participants have about the market. We examine some of the recent scandals on AIM to determine why these scandals occurred — were they, for example, attributable to corporate governance weaknesses? Finally, we offer some concluding comments to discuss the future of AIM. The findings of the article have important implications for investors and policymakers alike. (shrink)